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Abaxis (ABAX) "Trading Transparency"

 February 04, 2008 05:15 AM
 


Earlier today I sold my 180 shares of Abaxis (ABAX) at $31.2754/share.  I did this on the weakness of the stock and some fundamental news that disappointed.  These shares were purchased 10/25/07 at a cost basis of $28.29, so I had a gain of $2.99 or 9.5% since purchase.  This was actually my second sale of Abaxis--30 shares were sold 12/11/07 at $36.37 for a gain of $8.08 or 28.6% since purchase.

Abaxis (ABAX) closed at $30.00, down $(2.55) or (7.83)% on the day.

With a single partial sale at the 30% appreciation level, I generally would allow a stock to decline to 'break-even' before bailing.  But the stock appeared to be acting rather sick the last few days and with the stock trading sharply lower on a earnings report that disappointed, and with me a nervous nellie with still some margin balance on the books, I thought it was time to part company.

[Related -Deceptively Negative Day]

As noted, ABAX reported 4th quarter results after the close of trading yesterday.  They came in with revenue of $25.7 million (under the $26.5 million expected by analysts according to Thomson Financial) and earnings of $3.2 million or $.14/share (under the $.16/share expected).  The disappointment took its toll on the stock and weakness ensued.

The 'point & figure' chart from StockCharts.com doesn't really look that bad.  The long-term rise in the price appears intact. 

[Related -Stock Market Opening Report - July 19, 2012]

Thanks so much for visiting.  I have my portfolio management rules but I also reserve the right to sell stocks when something 'fundamental' is announced, like a 'miss' in the earnings.  With the market and me both quite skittish and volatile, I chose cash over equities and didn't want to see my gains continue to disappear.  I hope it was the right decision!

With the Morningstar.com report intact, the chart looking essentially intact, but the company missing expectations, I sold the stock and

ABAXIS (ABAX) IS RATED A HOLD

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